Law companies are facing decreasing efficiency but must resist returning to unsuccessful approaches Lawyers are billing 156 fewer hours today than 11 years ago, costing companies an average of $74,100 in lost income per attorney each year. Flawed demand for services from law firms, decreasing profit margins, weakening collections, decreasing productivity and loss of market share for alternative legal service suppliers and others The foundations of strong profitability are gradually being undermined. Georgetown's report in conjunction with Thompson Reuters-' Legal Services Market Transformation is Accelerating-Are Law Firms Ready?
' The difficulties faced by law firm leaders in today's industry are daunting,' the study notes,' but the excellent news is that many beneficial measures can be taken by companies to tackle them. There has been growing proof over the past few years that law firms are proactively addressing their customers ' requirements Significant achievement can be achieved, for example by implementing alternative staffing approaches, pursuing flexible pricing models, adopting changes in the job system, making better use of innovative techniques, etc.
Lure of failed strategies
Sometimes it's all too simple to succumb to ' the lure of failed strategies ' that may have worked in the past, to the detriment of taking courageous, dangerous measures to address fresh problems such as altering client requirements and expectations, ' said James Jones, a senior fellow at the Legal Professional Study Center. In Georgetown Law and the lead author of the report. ' Companies taking proactive measures to tackle these severe realignments on the market have every chance of doing well. Meanwhile, it is increasingly unlikely that traditional policies and models will lead to future market achievement.
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